Financial changes that might be necessary following a divorce | Lane & Lane, LLC
Lane & Lane, LLC Lane & Lane, LLC
The Experience To Find Your Solution
Call Today: 908-524-0788
Toll-free: 888-533-9154

Financial changes that might be necessary following a divorce

Upon making the decision to end a marriage, many individuals in New Jersey may have concerns about what to expect from the process. With numerous crucial aspects to address, some of which could have a long-term impact on one's life, the process of divorce can seem somewhat intimidating. However, while a person may face a variety of difficult decisions during divorce, one may also need to take steps to protect his or her finances even after the process is finalized.

Over the course of a marriage, a couple may open various banking or credit accounts together. Following a divorce, a person may find it advisable to close joint accounts and keep watch over his or her credit accordingly. Even if a divorce decree states that one party is responsible for certain debts, creditors may still be able to hold the other party liable should payments fall behind, and being aware of this possibility could prevent a potential disaster.

After obtaining a divorce decree, a person may also find it advisable to take steps to ensure assets such as retirement accounts are divided in accordance with the decree. Failing to take the necessary measures could bring about devastating fees and penalties. When dividing these accounts, it may also be time to update beneficiaries in accordance with one's current preferences.

Without previous experience in the area, addressing all one's concerns during divorce could prove challenging at best. For guidance in making informed decisions, a person in New Jersey could benefit from speaking with a family law attorney. An attorney can assist a client in pursuing a favorable outcome during divorce proceedings and provide further advice on any future changes that might be necessary.

Source: Forbes, "A Checklist To Help You Manage Post-Divorce Finances", Jeff Landers, Accessed on April 23, 2018

No Comments

Leave a comment
Comment Information